W.P. Carey expects developers will seek to finish stalled projects in Mount Laurel and fix a decayed Pennsauken landmark sign, among others.
The unfinished emergency services building on Route 73 east of the New Jersey Turnpike in Mount Laurel, across from a Wawa store, on Sunday, June 9, 2024. Nine billboard sites developed or proposed by Gladwyne outdoor-advertising developer Thaddeus Bartkowski's Catalyst companies were sold at auction July 19. W.P. Carey Inc.
But conditions placed on the sale — that a buyer had to honor agreements with local communities before finishing or redeveloping the billboard plans — made Carey the most likely buyer: as Catalyst’s creditor, and a profitable, national company, Carey had a special interest in controlling the properties, and the financial strength to carry them on its books for a time, while helping potential developers negotiate updated plans with local communities, according to people who monitored and...
Pennsauken officials have said they, too, look forward to a new owner’s repair and maintenance plans for a sign on busy Route 70 in the township’s southern section, where Catalyst-designed ponds and fountains have dried up and pieces of a deadhave fallen off the board. Even so, national billboard manager Outfront continues to sell and flash images from the board’s interactive screens.
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